Compare £10,000 Unsecured Loans

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What our Nerds say about £10,000 unsecured loans

An unsecured £10,000 loan can be a quick and straightforward way to borrow the funds you need. The interest rate is usually fixed, so your repayments stay the same over the entire loan term.

As with most types of borrowing, lenders check your credit report and make calculations to decide if you can afford to repay it. You don’t use your home or other collateral as security with an unsecured loan, but it will usually come with a higher interest rate than an equivalent secured loan.

Tim Leonard Lead Writer at NerdWallet

What type of £10,000 loan could I get?

A £10,000 loan will be unsecured or secured, and which type might be right for you depends on a few factors:

Unsecured loan

An unsecured loan allows you to borrow £10,000 without needing to use a high-value asset that you own as collateral against the loan. It will usually be the quickest way to arrange a loan, and you don’t need to be a homeowner or own anything of value to take one out. However, you can generally expect to pay a higher interest rate than if you took out the alternative of a secured loan, and your credit score will be a more important consideration for the lender too.

Secured loan

With a secured loan, you use an asset such as your home as security for the loan. As lenders consider they are taking on less risk, secured loans tend to have lower interest rates and higher borrowing amounts than unsecured loans. A bad credit score is less likely to pose a problem if you want a secured £10,000 loan. However, you risk losing your property or other assets if you don’t make your repayments when they are due.

» COMPARE: Secured loans

How does an unsecured £10,000 loan work?

You’ll be committing to repay the £10,000 loan plus interest over a set period of time. The repayments you make each month will usually be fixed, so you’ll be paying off the loan at a set amount. If you keep to your repayments, the loan and the interest due will be completely cleared by the end of the loan term.

Can I get an unsecured £10,000 loan?

Successfully getting a £10,000 personal loan will depend on whether the lender thinks you can afford to meet the repayments. This means your chances of being accepted will usually improve if you are employed and have a regular income and a good credit rating. Also, make sure you’re on the electoral register, as this can help the lender to quickly verify your identity and may also improve your credit score.

What can I use a £10,000 loan for?

It’s up to you what you use the loan for, though lenders will usually ask you this question when you apply. Typical reasons might be home improvements, milestone events such as a wedding, big purchases such as a car, or debt consolidation into one loan amount.

There are however some purposes that loan providers won’t lend you money for. These include investments, buying a property or land, business reasons and gambling. Whatever the purpose, you will pay back more than the initial £10,000 amount you borrow in added interest and any additional charges. So make sure you need it and the repayments are affordable.

What credit score do you need for an unsecured £10,000 loan?

Having a good or better credit score can make it easier to be eligible for some of the lowest interest rates from various lenders. This is because a decent credit rating suggests that you can be relied on to look after your finances and repay your debts. Loans are available for people with a poor or limited credit history, but it can reduce your choice of lenders and mean you pay higher interest rates.

Can I get a £10,000 unsecured loan with bad credit?

A bad credit rating can make borrowing money harder, as some providers might consider you too risky to lend to. However, a £10,000 loan for bad credit from a specialist lender could be an option, along with a secured loan where your credit score is usually less important.

A guarantor loan may be an alternative if you have bad or limited credit history. This type of loan can help reduce the risk to the lender and improve your chances of loan acceptance, as a second person, the guarantor, agrees to step in if you can’t pay. The guarantor should be clear about the risks to them, though.

» COMPARE: Bad credit loans

Where can I get a £10,000 unsecured loan?

Your options for this type of loan could include high street banks and building societies, as well as challenger banks. Peer-to-peer lenders also offer them.

How long does an unsecured £10,000 loan last?

Most £10,000 loans can be repaid over a term of between one and seven years, but some lenders offer longer terms. The repayment terms available will depend on the loan amount, the lender and its affordability calculations. What you plan to use the money for may also affect the loan term you’re offered.

How much are monthly repayments on an unsecured £10,000 loan?

The cost depends on the APR and the term of your loan. APR is short for annual percentage rate, and takes into account the interest rate of your loan and any additional fees.

Choosing a longer term can mean lower monthly payments, but you’ll pay more interest in total, as you can see below when we compare loans of three and five years:

Loan Term APR Monthly repayment Total repaid Cost of borrowing
£10,000 3 years 3% £290.81 £10,469.24 £469.24
£10,000 5 years 3% £179.69 £10,781.21 £781.21
£10,000 3 years 8% £313.36 £11,281.09 £1,281.09
£10,000 5 years 8% £202.76 £12,165.84 £2,165.84

Source: NerdWallet loan calculator

The representative or advertised APR you see before you apply for a loan won’t necessarily be the same as the APR you are offered by that provider. Representative APR only needs to be what the provider charges 51% of its customers.

» MORE: Calculate your monthly loan repayments

How much are fees and interest for a £10,000 loan?

This will depend on the APR and how long you’ll take to repay the loan. The higher the APR, the more expensive a loan is. Opting for a shorter-term loan should keep your overall costs lower than with a longer-term loan, but the monthly repayments will be higher.

Some lenders issue an early repayment charge if you pay the loan off ahead of time. So if you plan to clear the debt ahead of time you could look for loans without this charge. These are sometimes called flexible loans.

What are the pros of an unsecured £10,000 loan?

The possible advantages of an unsecured loan include the following:

  • You don’t need to put anything forward as collateral or own a home.
  • The application process is usually faster than for a secured loan.
  • Your monthly repayment amount is usually fixed.
  • You typically get to choose your repayment period.
  • There may be the option to take a payment holiday if you need to.

What are the cons of an unsecured £10,000 loan?

The potential disadvantages of a £10,000 unsecured loan include:

  • You may find it more difficult to get a loan with a bad credit score, and if you do get one the interest rate is likely to be higher.
  • As you don’t provide collateral, interest rates are usually higher than on a secured loan.
  • There may be an early repayment fee if you want to pay your loan back before the end of the loan term.

What do you need to qualify for a £10,000 loan?

To get any unsecured loan, a lender will want to see proof of your identity and address. This might include your passport or driver’s licence and recent utility bills. You usually also need to provide financial details, such as proof of income and employment.

Depending on your chosen lender, it may be possible to apply for the loan at a branch, online, by post or phone.

A lender will conduct a credit check to help them decide on your application, so making sure your credit score is as good as it can be is important. You will also usually need to supply details of your employment as part of the decision-making process, and then your bank details if you qualify for the loan.

» MORE: How to apply for a personal loan

How soon can I get the £10,000 loan?

Approvals can sometimes take a matter of seconds once you’ve answered the questions, particularly if you apply online. If you’re successful in your application, some lenders may be able to pay the money into your account on the same day. Others promise the day following approval for the funds to arrive, or a few days.

However speedy the process, don’t hurry reading the terms of the agreement and make sure you’re comfortable with the repayments and total cost.

How to find the best unsecured £10,000 loan

You can use our comparison table to help you find the best loan for you.

You can rearrange the results in line with what is most important to you. You’ll see the criteria for each lender, and a representative example to give you an idea of the monthly repayments and total cost. Though remember that the representative or advertised APR won’t always be the APR you are offered, so you could be offered a higher or lower rate.

You can also quickly check your eligibility without affecting your credit score, an important step before you apply for any loan.

What other £10,000 loans are there?

A secured £10,000 loan may be an alternative. You would need to provide a valuable asset you own as security, typically your home, but this usually makes the interest rates more favourable. The downside includes your property being at risk if you fail to make the necessary repayments.

If you have a bad or limited credit history, you could consider unsecured loans that take account of that, such as guarantor loans or bad credit loans. These might help improve your chances of acceptance and also help build or improve your credit score, if you keep up with repayments. However, these tend to come with higher interest rates than standard loans.

Unsecured £10,000 Loans FAQs

Is a personal loan an unsecured loan?

Yes, a personal loan is an unsecured loan that you can take out without having to provide anything as collateral against what you borrow. However, a personal loan can also be a secured loan, which does use an asset, such as a home, as security.

How much do you pay back on a £10,000 unsecured loan?

This will depend on the interest rate the lender charges and the loan term you choose. Repaying your loan over a shorter period will reduce the amount that you pay in interest overall. You can see how the loan term and interest rate affect monthly repayments and the total cost of the loan using a personal loan calculator.

Do I need a credit check for an unsecured loan?

Yes, you will need a credit check to get an unsecured £10,000 loan. The higher your credit rating, the better the chance that you’ll be offered a more favourable loan rate.

What is a soft credit search?

A soft search is a way of checking your eligibility without affecting your credit score. It will be recorded on your credit report, but it won’t be visible to lenders when they decide whether to lend to you.

When you apply for a loan the lender will carry out a hard credit search. If you’re turned down for the loan this more comprehensive check will show up and could influence the decisions of lenders in the future. On the other hand, a soft search result doesn’t guarantee you will be accepted if you go on to apply for a loan.

What is a fixed rate vs a variable rate loan?

With a fixed-rate loan the interest rate you’re charged stays the same for the term of the loan. This gives you certainty over exactly what your monthly repayments will be. Personal loans usually have a fixed interest rate.

With a variable rate loan, which some secured loans such as mortgages can be, the lender can change the interest rate on your loan, usually in line with changes to the Bank of England base rate or another benchmark, depending on the type of loan you have. The movement could be up or down and will cause your monthly repayments to rise or fall.

» MORE: Which type of loan is right for you?

What happens if I miss repayments on an unsecured loan?

If you miss a repayment, the lender could hit you with a late fee or remove any low rate incentives. Missed payments may also show up on your credit report, making it more difficult for you to secure credit in the future.

If you have a loan and are struggling to meet repayments, contact your lender as soon as possible. This gives you the chance to discuss the options, make a plan and prevent the debt problem from escalating.

If you miss a number of payments the lender may try to recover its money through a county court judgment (CCJ).

» MORE: What happens if you can’t pay a loan

Could I be refused an unsecured loan?

Yes, it’s possible to be rejected for an unsecured loan for any amount. This may be because you have a poor credit score, lack reliable income, or the lender doesn’t think the repayments are affordable.

If you are turned down for a loan, it’s best to pause before you apply for another one. Too many loan applications within a short space of time can affect your credit rating and even the interest rate you are offered. Using soft searches through comparison sites can help you apply for loans you are likely to be accepted for without leaving a mark on your credit record.

Can I borrow more than £10,000 with an unsecured loan?

Lenders may offer up to £25,000 as an unsecured loan if borrowing more is affordable.

Secured loans usually offer higher loan amounts to borrowers. Secured loans are less risky for a lender because the high-value asset the loan is secured against helps reduce the risk to them as the asset can be recovered if you default on the loan.

» COMPARE: £25,000 unsecured loans

Can I borrow less than £10,000 with an unsecured loan?

Yes, personal loans generally start from £1,000 from mainstream banks, and the set up and interest rates vary depending on the size and term of the loan. Different personal loan lenders will have different borrowing limits, but only borrow what you need and make sure repayments are affordable.

» COMPARE: £5,000 unsecured loans

About the author

Tim Leonard
Tim draws on 20 years’ experience at Moneyfacts, Virgin Money and Future to pen articles that always put consumers’ interests first. He has particular expertise in mortgages, pensions and savings. Read more
Holly Bennett
Holly champions clear, jargon-free writing. She’s been creating finance content for leading organisations for over 10 years. Read more

Some examples

Here are some examples from UK loan providers that you can compare using the Monevo eligibility service:

    Shawbrook Personal Loan logo

    Shawbrook Personal Loan

    • Representative APR
      14.7% APR
    • Available Amounts
      £1,000 to £35,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.7% (fixed). Based on a loan of £10,000 over 60 months at an interest of 14.7% p.a. (fixed). Monthly repayments of £231.62. Total amount payable £13,896.65. Maximum APR: 29.9%.
    More info
    • Broker
    Post Office Money Personal Loan logo

    Post Office Money Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 7 years
    Representative Example: Representative APR 14.9%. Based on a loan of £4,000 over 36 months at an interest rate of 14.9% p.a. (fixed). Monthly repayments of £136.65. Total amount payable £4,919.47. Maximum APR: 29.9%.
    More info
    Admiral Personal Loan logo

    Admiral Personal Loan

    • Representative APR
      14.9% APR
    • Available Amounts
      £1,000 to £30,000
    • Min / Max Terms
      1 to 8 years
    Representative Example: Representative APR 14.9%. Based on a loan of £10,000 over 60 months at an interest of 13.97% p.a. (fixed). Monthly repayments of £232.53. Total amount repayable before £13,951.80. Maximum APR: 39.9%.
    More info
    • Peer To Peer
    Zopa Personal Loan logo

    Zopa Personal Loan

    • Representative APR
      19.9% APR
    • Available Amounts
      £1,000 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 19.9%. Based on a loan of £10,000 over 60 months at an interest of 19.9% p.a. (fixed). Monthly repayments of £255.50. Total amount payable £15,329.80. Maximum APR: 34.9%.
    More info
    Oakbrook Personal Loan logo

    Oakbrook Personal Loan

    • Representative APR
      19.9% APR
    • Available Amounts
      £1,000 to £10,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 19.9%. Based on a loan of £5,000 over 48 months at an interest of 19.9% p.a. (fixed). Monthly repayments of £147.71. Total amount payable £7,090.08. Maximum APR: 34.9%.
    More info
    My Community Finance Personal Loan logo

    My Community Finance Personal Loan

    • Representative APR
      23.0% APR
    • Available Amounts
      £1,500 to £25,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 23.0% (fixed). Based on a loan of £4,500 over 48 months at an interest of 23.0% p.a. (fixed). Monthly repayments of £139.66. Total amount payable £6,703.57. Maximum APR: 23.0%.
    More info
    Abound Personal Loans logo

    Abound Personal Loans

    • Representative APR
      24.8% APR
    • Available Amounts
      £1,000 to £10,000
    • Min / Max Terms
      1 to 3 years
    Representative Example: Representative APR 24.8%. Based on a loan of £2,000 over 36 months at an interest of 24.8% p.a. (fixed). Monthly repayments of £76.75. Total amount payable £2,763.00. Maximum APR: 24.8%.
    More info
    BetterBorrow Personal Loan logo

    BetterBorrow Personal Loan

    • Representative APR
      27.3% APR
    • Available Amounts
      £1,000 to £12,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 27.3%. Based on a loan of £5,000 over 42 months at an interest of 27.3% p.a. (fixed). Monthly repayments of £178.12. Total amount payable £7,480.93. Maximum APR: 39.8%.
    More info
    KOYO Personal Loan logo

    KOYO Personal Loan

    • Representative APR
      29.9% APR
    • Available Amounts
      £1,500 to £12,000
    • Min / Max Terms
      6 months to 5 years
    Representative Example: Representative APR 29.9%. Based on a loan of £6,000 over 48 months at an interest of 26.45% p.a. (fixed). 47 scheduled monthly payments of £205.09 and a final payment of £204.75. Total amount payable £9,843.98. Maximum APR: 34.9%.
    More info
    Finio Personal Loan logo

    Finio Personal Loan

    • Representative APR
      39.9% APR
    • Available Amounts
      £1,000 to £10,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 39.9%. Based on a loan of £2,000 over 24 months at an interest of 39.9% p.a. (fixed). Monthly repayments of £116.07. Total amount payable £2,785.68. Maximum APR: 69.9%.
    More info
    Everyday Loans Personal Loan logo

    Everyday Loans Personal Loan

    • Representative APR
      99.9% APR
    • Available Amounts
      £1,000 to £15,000
    • Min / Max Terms
      1 to 5 years
    Representative Example: Representative APR 99.9% (fixed). Based on a loan of £3,000 over 24 months at an interest of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR: 299.8%.
    More info

If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Our service is free of charge but we receive commissions from the providers we refer you to. This table is initially ordered by representative APR. You can use the options above the table to order it according to various criteria. You may be offered different rates depending on your personal credit rating.

Our comparison service features a selection of providers from whom we receive commission.

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